996 resultados para Bancos centrais - Central banks
Resumo:
Rainfall data registered betwe en 1910 and 1979 at Manaus confirm the existence of a dry season between June and November (monthly rainfall: 42-162mm) and a rainy season from December until May (monthly rainfall: 211-300mm). Annual precipitation amounted to 2105mm with about 75% of the rainfall recorded during the rainy season. Rainfall data collected over 12 months at eigth stations in the vicinity of and at Manaus are compared. Annual precipitation was lower in Inundation Regions (1150-2150mm) compared with Dryland Regions (2400-2550mm). Considerable differences are found in rainfall patterns (intensity, frequency and time of rainfall). This is also truefor neighbouring stations, even if data of a 11-year record period are compared. Thus, it is highly recommended that preciptation data for bioecological studies be collected at the study site.
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Mostra-se a distribuição espacial de. plântulas de Copaifera multijuga, Hayne de 12árvores matrizes. 0 potencial de regeneração em área não perturbada é variável em decorrência da maior ou menor produção de sementes pelas matrizes, da competição entre plântulas da espécie e destas com plântulas deoutras espécies, além da provável predaçãopor animais e da luta para sobreviver a baixos níveis de radiação solar. a distribuição das freqüências das plântulus sugere uma forma de J invertido. Nos dois inventários feitos, a altura das plântulas variou de 10cm até um máximo de 50cm, sendo a altura média para as 12 matrizes de. 20,66cm e 15,54cm no1° e 2° inventários, respectivavente. a diferença na variância das alturas das plântulas é significativa, na faixa de5%. As freqüências relativas esperadas, segundo a equação de Poisson, mostrou que a distribuição da regeneração de todas as matrizes é do tipo agregado. 0 número de plântulas /árvore matriz pode ser silviculturalmente útil para fins de plantios, desde quesejam feitos estudos de adaptabilidade das plântulas às condições deviveiro.
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Durante um período de treze meses, de março de 1979 a março de 1980, excursões semanais foram realizadas ao Janauacá, um complexo de, l.agos de várzea da Amazônia Central. Miltrezentos e trinta e cinco peixesde cinco ordens, dezenove famílias e. oitenta espécies foram examinados, visando a determinar os índices naturais de infestação por crustáceos da subclasse Branchiura. Dos peixes examinados 11% estavam parasitados e apresentaram uma média de cinco crustáceos por peixe. Os maiores índices de infestação ocorreram nos Siluroides, 29% de prevalência e 18,5 de intensidade de infestação, seguidos pelos Characoides com 8,4% e 2,5. Os Perciformes apresentaram o terceiro maior índi.ce, 7,4% de. prevalência e 2,0 de intensidade de infestação. Os menores índices ocorreram nos Osteoglossiformes, 3,0% e 5,0 e nos Clupeiformes com 4,0% e 1,0. Durante o período de coletas, dezoito espécies de peixes não ocorreram parasitadas por branquiuras. Catorze espécies de branquiuros foram coletados no lago Janauacá. Alguns aspectos taxionómicos , biogeográficos e econômicos dos peixes são abordados
Resumo:
The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.
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This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.
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The calls of 18 species of Amazonian forest frogs were recorded in 3 localities: the Tapajos National Park near Itaituba, the Reserva Ducke near Manaus, and the INPA-WWF reserves near Manaus. Structural and time parameters and sonographs of these calls including previously undescribed vocalization by 10 species are presented. Unlike open habitat species, several forest frong species characteriscally demonstrated one on more of the following temporal parameters: very low call rates, sporadic intervals, infrequent nights of calling and synchronized chorusing. It is hypothesized that predation has influenced the evolution of vocal behaviour in Amazonian forest frogs.
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Foi determinada a capacidade de troca de cations a pH natural do solo e a pH 7,0 ao longo do perfil de três solos da Amazônia Central e correlaeionou-se os valores de CTC encontrados com outras características intrínsecas de cada solo, tais como: matéria orgânica, superfície especifica teor e mlneralogia da fração argila, as quais causam varia cão na CTC do solo. As diferenças entre os valores de CTC obtidos foram decorrentes principalmente do teor de matéria orgânica e da mlneralogla da fração argila. A matéria orgânica do solo apresentou-se altamente correlacionada com a CTC determinada a pH 7,0 dos solos Latossolos Amarelo (r - 0,998) e Podzolico l/ermelho Amarelo (r = 0,974), principalmente pana os horizontes de superfície, enquanto que para o solo Glei Pouco Húmico foram encontradas correlações significativas apenas ao nível de 5%. Para a CTC à pH natural do solo, altas correlações também foram obtidas somente para Latossolo (r= 0,980) e Podzoílco (r = 0,984). A correlação entre a superfície específica e a CTC do solo apresentou-se altamente significativa para o Latossolo (r = 0,957) e Glei Pouco Húmico (r = 0,952), enquanto que para o Podzoílco (r + 0,873), a correlação foi significativa apenas ao nível de 5%. Foi observado ainda que a classe textural, o teor de matéria orgânica e principalmente a composição mlneralóglca conferiram maiores valores ae super fície especifica para o solo Glel Pouco Húmico.
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O efeito de diferentes níveis de colagem na presença de micronutrientes, foram testados na cultuha da soja, em Latossolo Amarelo da Amazônia Central, sob três áreas com diferentes maneiras de preparo do solo: desmatamento seguido da queima de floresta primária; desmatamento seguido da retirada da floresta primária com aso de maquinas e desmatamento seguido da queima de vegetação de capoeira. As produções obtidas com as doses 1, 3 c 5 ton/ka, na ausência de micronutrientes, não diferiram estatísticamente da testemunha (0 ton/ha). No entanto, com a aplicação de 2 ton/calcário mais micronutrientes, o aumento de produção foi bastante pronunciado. 0s menores rendimentos foram obtidos no solo preparo com o uso de máquinas. A disponibilidade de nutrientes em Latossolo Amarelo, assim como o preparo de solo é discutido.
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O "araça-boi" (Eugenia stipitata) é uma fruteira arbustiva nativa da Amazônia que está sendo introduzida ma agricultura moderna. Estudou-se sua fenologia na Amazônia Central em latossolo amarelo, álico, textura média, durante os primeiros 15 meses de produção. Quando juvenlí, floresce continuamente durante o ano, com quatro períodos de alta produção. Como muitas fruteiras, produz mais flores que frutos (somente 15% das flores produzem frutos que chegam à maturação). A taxa de autopolinização natural é reduzida, sugerindo que a espécie é alógama. Os polinizadores principais são as abelhas. O tempo entre floração e maturação dos frutos e de aproximadamente 34 dias.
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O autor apresenta informações fenológicas mensais de 82 matrizes de Copaiba (Copaifera multljuga Hayne), obtidas na Reserva Florestal Adolfo Ducke no período de fevereiro de 1979 a dezembro de 1985. São mostradas as percentagens de ocorrência das fases de floração, frutificação e mudança foliar e uma análise de regressão múltipla das fenofases com sete variáveis do clima (temperatura máxima, temperatura minima e temperatura média, em C°; umidade relativa em %; precipitação total em milímetros; insolação total em horas e evaporação líquida total em milímetros. A plena floração ocorreu na estação de chuvas e a frutificação (frutos maduros) apresentou picos máximos no fim da estação chuvosa e inicio da estação seca, comportamento que. difere da maioria das espécies arbóreas tropicais. A espécie portou-se como perenifólia e a fase de folhas novas antecedeu a da floração.
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Population densities of six primate species (Saguinus midas, Pithecia pithecia, Cebus apella, Chiropotes satanas, Alouatta seniculus and Ateles paniscus) were estimated in continuous forest and in isolated reserves (one of 100 ha and four of 10 ha). Saguinusdensities in the continuous forest were found to be low, probably due to the lack of edge habitat and second growth favoured by them; Pithecia, Cebus and Ateles populations are also low, possibly because of more widely distributed and/or less abundant food sources than is true for other Amazonian regions, although hunting in the past, particularly of Ateles may also be a contributing factor; and Chiropotes and Alouatta densities were found to be similar to those observed in other areas of Amazonas forests. Ateles and Chiropotes, which occupy ranges on the order of three km2 were excluded from the 100-ka reserve at the time of its isolation. Unfortunately populations were not known prior to isolation of this reserve but during isolation there remained four groups of Saguinus, two Pitheciagroups, one Cebus groups and five Alouatta groups. One Saguinus group disappeared two months later, and one year post-isolation the Cebus group also left the reserve. Single Alouatta groups survive in the isolated 10-ha reserves. Saguinus, present in the four 10-ha reserves following isolation, have disappeared from two of them. One 10-ha reserve retains a group of Pithecia.
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One hundred and fourteen hectares of a "terra-fiirme" rain forest 70 km north of Manaus, Amazonas, Brazil, were surveyed for leaf-cutting ant colonies (Atta spp). One half of this area was in isolated forest fragments (surrounded by pastures or second growth) of two sizes: 1 and 10 ha. The other half was in non-isolated fragments (connected to a large parch of forest) of the same sizes. Only two species occured in this forest: Atta sexdens sexdens L. and A. cepfhalotes L. The first was the most abundant species with a mean density of 0.35 colonies per ha. The mean density of A. cephalotes colonies was 0.03 per ha. The density of colonies was not significantly different between the isolated fragments and the continuous forest. Furthermore, the species composition did not change with isolation. However, pre-isolation data and long term monitoring are necessary to conclude that the isolation of a forest fragment has no effect upon Atta colonies. The non-uniform spatial distribution of Atta colonics within the "terra-firme" forest must be taken into account when selecting conservation areas in the Amazon, in order to preserve this important group of ants together with their native habitat.
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Neurological disorders are a major concern in modern societies, with increasing prevalence mainly related with the higher life expectancy. Most of the current available therapeutic options can only control and ameliorate the patients’ symptoms, often be-coming refractory over time. Therapeutic breakthroughs and advances have been hampered by the lack of accurate central nervous system (CNS) models. The develop-ment of these models allows the study of the disease onset/progression mechanisms and the preclinical evaluation of novel therapeutics. This has traditionally relied on genetically engineered animal models that often diverge considerably from the human phenotype (developmentally, anatomically and physiologically) and 2D in vitro cell models, which fail to recapitulate the characteristics of the target tissue (cell-cell and cell-matrix interactions, cell polarity). The in vitro recapitulation of CNS phenotypic and functional features requires the implementation of advanced culture strategies that enable to mimic the in vivo struc-tural and molecular complexity. Models based on differentiation of human neural stem cells (hNSC) in 3D cultures have great potential as complementary tools in preclinical research, bridging the gap between human clinical studies and animal models. This thesis aimed at the development of novel human 3D in vitro CNS models by integrat-ing agitation-based culture systems and a wide array of characterization tools. Neural differentiation of hNSC as 3D neurospheres was explored in Chapter 2. Here, it was demonstrated that human midbrain-derived neural progenitor cells from fetal origin (hmNPC) can generate complex tissue-like structures containing functional dopaminergic neurons, as well as astrocytes and oligodendrocytes. Chapter 3 focused on the development of cellular characterization assays for cell aggregates based on light-sheet fluorescence imaging systems, which resulted in increased spatial resolu-tion both for fixed samples or live imaging. The applicability of the developed human 3D cell model for preclinical research was explored in Chapter 4, evaluating the poten-tial of a viral vector candidate for gene therapy. The efficacy and safety of helper-dependent CAV-2 (hd-CAV-2) for gene delivery in human neurons was evaluated, demonstrating increased neuronal tropism, efficient transgene expression and minimal toxicity. The potential of human 3D in vitro CNS models to mimic brain functions was further addressed in Chapter 5. Exploring the use of 13C-labeled substrates and Nucle-ar Magnetic Resonance (NMR) spectroscopy tools, neural metabolic signatures were evaluated showing lineage-specific metabolic specialization and establishment of neu-ron-astrocytic shuttles upon differentiation. Chapter 6 focused on transferring the knowledge and strategies described in the previous chapters for the implementation of a scalable and robust process for the 3D differentiation of hNSC derived from human induced pluripotent stem cells (hiPSC). Here, software-controlled perfusion stirred-tank bioreactors were used as technological system to sustain cell aggregation and dif-ferentiation. The work developed in this thesis provides practical and versatile new in vitro ap-proaches to model the human brain. Furthermore, the culture strategies described herein can be further extended to other sources of neural phenotypes, including pa-tient-derived hiPSC. The combination of this 3D culture strategy with the implemented characterization methods represents a powerful complementary tool applicable in the drug discovery, toxicology and disease modeling.
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This master thesis has been developed during the internship in the Supervision Department of Supervision of the Intermediation and Market Structures of CMVM. My collaboration in such department was mainly focused on the derivatives market of the Iberian Electricity Market (MIBEL). MIBEL embodies two organized markets – the derivatives market in Portugal and the spot market in Spain The trading activity in the derivatives market of MIBEL is processed through the trading platform of the regulated market managed by OMIP, however, much of the negotiation is over-the-counter. The aim of this work is to describe the market from a legal and economic perspective and to analyse the evolution of the negotiation, namely the impact of OTC in the regulated market trading. To achieve this, I propose to analyse also MiFID and EMIR rules over derivative contracts and the role of central counterparties, as they both are important to the discussion. In parallel, we found that OTC transactions are considerably higher than those traded in the regulated market managed by OMIP, those findings can be justified by the contractual relationships based on trust already established between the partiesarties. Nevertheless, since 2011 this trend changed by an increase of the registered OTC. Thereafter, although the parties continued to trade bilaterally, these transactions were registered in a central counterparty in order to eliminate the inherent risks related to the OTC derivatives transactions. This change in the negotiation pattern may also be influenced by the mandatory reporting of transactions imposed by EMIR, that requires for some classes of derivatives the centralized clearing and for all other requires the implementation of risk mitigation techniques.
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O presente trabalho teve por objetivo estudar a relação da densidade básica com a resistência de madeiras tropicais, submetidas ao teste de dureza Janka nos extremos e faces nas condições verde e seca a 12% de conteúdo de umidade. Foram utilizadas 8 espécies florestais oriundas do Distrito Agropecuário da SUFRAMA, no Município de Manaus, AM. O experimento foi realizado no laboratório de Engenharia da Madeira do Departamento de Produtos Florestais do Instituto Nacional de Pesquisas da Amazônia - INPA, adotando-se os seguintes passos: a)realização dos ensaios de densidade básica e dureza Janka empregados pela norma COPANT; b)tratamento estatístico de regressão linear para avaliar o nível de influência da densidade na dureza da madeira. Os resultados obtidos revelam que a dureza da madeira expressa pela sua capacidade em oferecer maior ou menor resistência à penetração de uma semi-esfera, está estreitamente relacionada com a densidade.